The popularity of business degreesAn analysis of UK university applicants preferred subject choices reveals the enduring popularity of degrees in business, management, finance and marketing. In fact, applicant numbers have exceeded 50,000 per annum for each of the last five years. These courses are, therefore, also producing large numbers of graduates, the majority of whom will be seeking opportunities in this employment sector. Results from the Destinations of Leavers from Higher Education (DLHE) survey reveal a positive situation: six months after graduation, a large number of these graduates were working in business, finance, marketing and managerial roles. Good news then, for those thinking of studying for a degree in these areas. The Association of Graduate Recruiters (AGR) Graduate Recruitment Survey 2008: Summer Review, which surveyed 242 blue chip employers in May/June 2008, reported an 11.7% yearly rise in graduate level vacancies in 2008, an increase for the fifth consecutive year. Of the total 23,727 vacancies offered, 23% were provided by accountancy and professional services firms and 21% by banking/financial services organisations, thus getting on for a half of all vacancies (44%) were offered in areas ripe for entry by graduates of this chapter! Evidence abounds that business, management, finance and marketing positions are prized goals. A report by Trendence, The UK Graduate Recruitment Review 2007, analysed the career expectations of over 24,000 students across 111 UK higher education institutions and found that business, management and marketing were the most popular career choices for students with over a fifth aiming for jobs in this area. Finance careers also attracted considerable interest. With this in mind, The Times Top 100 Graduate Employers 2008 lists accountancy and professional services firms PricewaterhouseCoopers, Deloitte and KPMG as the top three in a list of employers that new graduates would most like to work for. DestinationsAccording to the latest DLHE survey for graduates from 2007, 78.6% of accountancy graduates (77.7% in 2006) entered work or were combining work and study six months following graduation (see Table 1). For business and management graduates the figure was 77.9% (78.4% in 2006) whilst for marketing graduates this rose to 79.9% (79.6% in 2006). Comparisons with the statistic of 72.4% for graduates from all subject areas entering work or combining work and study, leads to the conclusion that business-related degrees continue to be attractive to employers. Table 1: Destinations of business and administrative studies graduates from 2007, six months after graduation | Numbers graduating (survey respondents) | Entering employment | Entering further study/training | Working and studying | Unemployed at time of survey | Other |
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| Accountancy | 3055 | 53.0% | 5.7% | 25.6% | 7.4% | 8.3% | | Business and management | 14775 | 68.9% | 6.7% | 9.0% | 6.0% | 9.3% | | Marketing | 2270 | 74.9% | 3.6% | 5.0% | 6.3% | 10.2% | | All subjects | 209120 | 63.3% | 13.9% | 9.1% | 5.5% | 8.3% |
Types of workThe DLHE data for 2007 shows that over one in five business and management graduates (22%) working in the UK entered commercial, industrial or public sector managerial positions compared with just 9.2% across all subjects. If readers are looking for this type of work, then a business and administrative course could be for you. Marketing positions continue to attract a lot of interest from graduates and data reveals that whereas only 4.8% of graduates from all areas were employed in this field, 33.3% of marketing graduates successfully found work in this sector as did 11% of business and management studies graduates. A half of all accountancy graduates (50.5%) working in the UK entered accountancy, taxation, business and financial analyst type roles compared with a much smaller 8.7% across all subject areas. As these types of jobs are usually open to graduates of any discipline, the data implies that if readers are seeking such roles, consider studying an accountancy degree. A healthy 20.5% of all business and management graduates working in the UK also worked in these areas, indicating that these graduates are also more successful in entering these types of jobs than graduates of other subjects. According to the government’s Enterprise Directorate, an agency of the Department for Business, Enterprise and Regulatory Reform (BERR), 99.3% of the UK’s businesses are classified as small (0-49 employees). One of the most important sectors in terms of numbers of companies is the financial services sector, so don’t just concentrate your thinking on the large blue chip employers. Graduate salariesThe AGR Graduate Recruitment Survey 2008: Summer Review, reported a median starting salary of £24,500 for 2008 recruits, a year-on-year increase of 1.8% from 2007. Investment banks and fund management companies reported average starting salaries of £35,000, but these are the UK’s foremost professional services firms. 2009 salary predictions continue to be somewhat cautious amid the presiding economic climate, with almost half of the employers surveyed planning to give only a cost of living rise. The most comprehensive survey of graduate salaries is carried out as part of the annual DLHE survey. The average salaries of first degree graduates working full time in the UK six months after graduation by relevant subject studied were as follows: business studies £19,617, management £19,527, accounting £18,526, marketing £18,510, whilst the average for all subjects was £19,300. These salary statistics are in somewhat marked contrast to the AGR figures as they take into account those graduates working across all sizes of company and not just those working for large blue-chip multi-nationals. Case studiesRobert, management accountant, BA AccountancyRobert graduated with a BAcc (Hons) in 2002; he now works for a large multinational organisation as a management accountant. 'I joined my company through their graduate training scheme straight after university. I had considered taking a year out but when I heard that I would be given placements overseas I decided that I'd rather go straight into work and start earning money! I was really lucky because my second placement in the company, after nine months, meant that I moved to New York and spent a year working in our office there. It was a great experience and really helped me to develop my skills in the role. The only issue was that it made studying harder, but through using the distance learning materials and using video links to talk to tutors I was able to carry on as normally as possible. I do enjoy my job; it's getting better with the more experience I get as well. At the start you do end up doing quite a lot of the admin tasks to help you learn the basics of the role but as you progress you start working a lot more strategically. Yesterday I was involved in a meeting with the chief executive and the finance director to discuss how the company is planning to allocate budget over the next few years. It's great to be at the cutting edge of all the big decisions and to be so influential in how they're made as well.' Robert now manages a team of seven members of staff, including three Chartered Institute of Management Accountants (CIMA) trainees. 'It's really interesting to be involved in staff development. It's not so long ago that I was studying and taking the exams myself and now I'm helping others with their professional development. It's a part of my job that I do take a lot of pride in and I'm as excited as they are when they pass each module!' When asked about negatives of the job he found it quite difficult to answer. 'I really do enjoy my job so it's quite hard to come up with draw-backs. I suppose there are times when it's really busy and quite stressful, but I like working under pressure so for me that's not really a negative. Overall, I think working as a chartered management accountant suits a person who enjoys working at the heart of an organisation, being involved in planning their future directions. After all, without a grasp of the financial situation a business simply can't perform.' Erin, communications planner, BA Marketing and MediaAfter doing a degree in marketing and media, I moved to London and did temporary work for a while. I knew I was interested in media so I registered with relevant recruitment consultants. It was through a consultancy that I was invited for an interview at a large specialist media agency and landed a graduate job there. My degree course was highly relevant to the work I do and it was partly through studying relevant modules that I got interested in advertising (and I am sure this also made my application attractive to potential employers). My degree prepared me well for my current role and I think the combination of marketing and media gave me a broad base to work from. I could bring a good understanding of targeting markets and audiences, as well as knowledge of the history of advertising and brands. I didn't just rely on having a relevant degree though: I read the trade press and also gained work experience in advertising during my vacations, so I was well prepared for looking for jobs when I graduated. My studies and experience had also led me to know that I was attracted to the specific area of communications - I liked the combination of creativity with accountability that the work offered. I went through a three-stage application process. Firstly, I had a fairly informal interview (chat). Then, I had to do a presentation about the advantages and disadvantages of different media, followed by a more detailed personal interview. Anybody interested in this work really needs to keep their eyes and ears open and always read the trade press. Even at interview, don't be afraid of making suggestions – have opinions and passion about media as a communication channel. After two years on a media planning graduate scheme with a media agency, I decided I wanted to move on and my preference was to work for a full service agency, where I am now. I like working in a full service environment as there are more opportunities to work closely with creative talent than in a specialist media agency. My role is varied and challenging. I am involved in strategy, planning and occasionally media buying (the latter being one of my less favoured jobs – as I am not one for an argument!). I really enjoy the client contact, as well as the integration I have with creative talent. WebsitesResources on this siteGeneral linksPublications- Careers in Accountancy (7th Edition), Kogan Page
- Q&A: Accountancy (2nd Edition), Trotman
- Accountancy Uncovered (2003), Trotman
- How to Make it in the City, by Debbie Harrison, Virgin Career Guide, 2001
- Careers in the City, by Joanna Minett, Management Books, 2001
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